An insurance premium is the term which is used to describe the amount of money one pays for coverage of insurance within a given period of time. The period normally varies; it can either be after one month, six months or even an entire year. Different people have different terms to describe it; majority will describe it as rate, and they normally say their rate is too high or affordable referring to the insurance. How one can determine the insurance premium is another different conversation. What one actually needs to know is how much premium they may end up spending depending on the coverage they choose, personal history, and the make-up of the insurance score.
One may wonder if the entire premium is due upfront. The answer is yes. In almost all insurance premiums sold, the insurer normally charges a premium payable in installments or upfront. This can be in exchange for a certain amount and type of coverage for a specified period. For instance, an insurance premium of a certain amount of money may offer a liability of auto insurance coverage for a period of one year. You can be given an option of paying the insurance in one single payment or pay a specific amount on monthly basis. However, you should always check out the installments fees if you have decided to make monthly payments.
These installment fees are normally a few dollars a month, which really pushes up the real cost of the insurance premium. The cost of coverage is determined by the length or term of the policy. You can simply put a long term policy because if you choose a short term policy, you may end up spending a lot more on the insurance. You will end up paying more on insurance if you bought 12 single-monthly polices compared to an annual policy. This is because, before the insurance gets to you, the company has to pay people to process all the new policies and thus all this costs are passed to you to compensate it in form of high rates.
Choosing the best insurance premium might be a bit challenging, since the policy varies with the insurance company from which you will get your coverage, and the type of insurance you purchase. It is typical of the preferred auto insurers to not write a policy that is less than six months, while a non standard auto insurer will write a policy of one or two or even three months. However, these companies will not offer coverage that is above the required standard needed by your state department of insurance. Your insurance history on prior coverage, accidents and tickets bring out the difference between a non standard and preferred insurer. Always ensure that you work with your insurance premium company to know what your options are. It is normally advisable to shop around for insurance quotes so that you may know whether you are getting a good deal.
Here Are The Top Ten Insurance Premium Companies In The United States Of America
This is the largest and most popular casualty and property insurer in the United States. It provides insurance services and products for institutions, individuals, and commercial customers, not only in the United States of America, but also internationally. The company operates in three parts: air craft leasing, Chartis, and SunAmerica Financial Group. Chartis offers products of casualty insurance, which covers general liability; commercial automobile liability, worker’s compensation, crisis management coverage and excess casualty; Commercial and industrial property insurance products and energy, which protect natural and manmade disaster exposures like political and environmental risk, marine and aerospace insurance products and much more.
In addition, it offers personal accidental and supplemental health product and life insurance amongst others. The SunAmerica financial group offer universal life, term life, fixed annuities, and mutual funds among other products. On the other hand, the Aircraft leasing part acquires and leases commercial jets, aircrafts, and airlines. The company is also involved in offering residential mortgage guaranty insurance.
This is a group of six regional insurance companies. It offers a wide range of products to businesses in the main street, as well as more difficult to place specialty risks. Berkshire Hathaway is continuing to develop its expertise in claims, underwriting, and pricing by focusing on specific business segments. This approach has resulted to lower claim costs, better service and competitive premiums for their policy holders. They offer five insurance products which include workers’ compensation, commercial auto, construction, commercial property and commercial package. The company currently has 250,000 to 300,000 employees, and makes an annual sale of over 1,000,000,000 dollars.
This is the third largest property and casualty insurer in the United States. When you become a member of Allstate, you can benefit from disability income, hospital indemnity, and critical illness. It offers universal life insurance, term life accident insurance, cancer insurance, vision and dental insurance and group indemnity medical insurance.
Hartford Financial Group
This insurance premium company has been offering its services for nearly 200 year, but it is usually operated as the newest and most exciting insurer, having one of the highest customer approval ratings. It is the leading provider of insurance and asset management services for many businesses all over the world. It is constantly being recognized for its sustainability efforts, superior services, and one of the most ethical companies in the United States.
This is usually a good option for companies which are able to meet underwriting guidelines of travelers. This company greatly focuses on risk management, But Also have an array of insurance options to cover companies small to large.
Liberty mutual insurance is also among the best insurers. Just like Allstate Corporation, it develops a significant amount of premiums, ranging from personal insurance products to auto insurance premiums, usually 44%.
Nationwide Company is an insurance premium company that is known for its high rates, as well as a high customer satisfaction rate. It is a property, casualty, as well as homeowners and personal auto company. In addition, it has an especially strong commercial auto business. Its commercial business is reported to present around 15 to 20% of casualty and property premium.
This is a company located in Ohio, and it specializes in auto insurance. You always have various options with Progressive Company. Whether you want a matching coverage for your needs, or choosing their concierge levels of claims service for repair of your vehicles, Progressive Company will offer you all that. This company is normally a good choice for a fleet of small trucks.
It is one of the largest diversified insurance premium companies in the United States, having five operating subsidiaries that cover property and casualty insurance, off shore drilling, domestic natural gas exploration and production, and has a hotel that offers the best luxury lodging services.
This insurance premium company started as a marine commercial insurance company, and it has continued to stick to those roots by offering excellent commercial products. It is a leader in the industry of specialty insurance, and has various specialty programs.
The choice of insurance premium depends on the company, the range of products offered, as well as individual or commercial needs.
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